A Chinese miner's response to "Bitcoin is Dead"

[p2pbucks]

Bitcoin mining powers are controlled by many different entities in China  , they are not manipulate by one .

Mike Hearn is wrong about Chinese miners , they don't manipulate , they vote .

Miners maintain the Bitcoin network, they will choose the right direction for bitcoin. Most of Miners are silent  ,  they don't play dirty politics like R3 Bankers .
Everyone who hold hashrate power can vote ,  Or simply they can choose to run different bitcoin servers to express their opinion .

We hash we vote , this is the only rules .

statistics :  6.9% of bitcoin xt nodes and less than 5% hashrate pro XT .

[Biomech]

Bitcoin mining powers are controlled by many different entities in China  , they are not manipulate by one .

Mike Hearn is wrong about Chinese miners , they don't manipulate , they vote .

Miners maintain the Bitcoin network, they will choose the right direction for bitcoin. Most of Miners are silent  ,  they don't play dirty politics like R3 Bankers .
Everyone who hold hashrate power can vote ,  Or simply they can choose to run different bitcoin servers to express their opinion .

We hash we vote , this is the only rules .

statistics :  6.9% of bitcoin xt nodes and less than 5% hashrate pro XT .

This.

I've been saying it for a couple of years. Yes, the majority of the hashrate is funneled through a fairly small number of sites. But it is POOLED MINING. Hundreds, maybe thousands of individual miners. If those miners think that one of the pools is getting too big for it's britches, it takes seconds to move that hashpower elsewhere. More small pools have been popping up of late, which tells me this is already happening. That the majority of mining takes place where the majority of human population resides should very much come as no surprise to anyone.

Bitcoin is dead. Long live Bitcoin!

[Amph]

Mike Hearn made some really good points.
Lets hope he was being overly pessimistic
when he said Chinese miners don't want
growth.  This post would confirm that.

the only concern he had was about the limit, basically, but practically everone want to increase it, something will be done in april afaik

so i see no real issue here, just random fud, for the purpose to buy cheap coins, before the halving

[SuperCoinGuy]

Of course Chinese miners would be sad that Bitcoin is dead. They would be in denial because they make soo much money for mining Bitcoin. 

Why do you think Bitcoin is officially dead? The price is going down but still it could be fixed soon.

[lottery248]

What is cores current stance on blocksize limit?  Keep it at 1mb for now?

sure at this moment, until the bitcoin demand increases; we could help transaction goes faster by that block size increase.
we would need to pay more on drives however.

[usenet]

Miners control bitcoins. Very good. They create a whole environment.

Why did China win in this field? Mines, cheap electricity, capital that flows there from all over the world. Because China think long-term. They invested a lot in this project. They have also invested in a number of other projects around Bitcoin. The consequence of this is the fact that at the moment the capital concentrated in China is close to taking control of Bitcoin.

This capital comes from all over the world. Because the Chinese offer unbeatable conditions for investors. Is this a bad thing? Not until everyone can participate in this development.

[chek2fire]

What is the problem for Chinese people to has control of the most hashpower of bitcoin netwokr?. This is completly racist and Hearn is a jerk to say that.

[iCEBREAKER]

Miners control bitcoins.

Wrong.  Users control bitcoin.

The miners simply perform a service for a fee.

[mayax]

Miners control bitcoins.

Wrong.  Users control bitcoin.

The miners simply perform a service for a fee.

it;s just a dream.

a bunch of people control bitcoin. they manipulate the price how they want. the miners are part of them.

[chek2fire]

Miners control bitcoins.

Wrong.  Users control bitcoin.

The miners simply perform a service for a fee.

it;s just a dream.

a bunch of people control bitcoin. they manipulate the price how they want. the miners are part of them.

And what about that? Did you see to chinese people to act like a crime organized syndicate? If this hashpower was to the hand of white people or to the hand of USA people you will be more safe? Stop racist Hearn crap!!

[Biomech]

Miners control bitcoins.

Wrong.  Users control bitcoin.

The miners simply perform a service for a fee.

it;s just a dream.

a bunch of people control bitcoin. they manipulate the price how they want. the miners are part of them.

And what about that? Did you see to chinese people to act like a crime organized syndicate? If this hashpower was to the hand of white people or to the hand of USA people you will be more safe? Stop racist Hearn crap!!

I don't see Mike Hearn as racist. Narcissistic, arrogant, often stupid, but he'd be concerned about any group other than his own holding a lot of the hashpower.

[AliceWonderMiscreations]

Miners control bitcoins.

Wrong.  Users control bitcoin.

The miners simply perform a service for a fee.

it;s just a dream.

a bunch of people control bitcoin. they manipulate the price how they want. the miners are part of them.

And what about that? Did you see to chinese people to act like a crime organized syndicate? If this hashpower was to the hand of white people or to the hand of USA people you will be more safe? Stop racist Hearn crap!!

I don't see Mike Hearn as racist. Narcissistic, arrogant, often stupid, but he'd be concerned about any group other than his own holding a lot of the hashpower.

I agree with that assessment. I don't think he is racist. It's trendy to call us white-folks racist which if you think about it, is actually a form of racial-based prejudice itself.

[pinkslink]

If chinese companies are investing in bitcoin
then bitcoin has a very profitable and prosperous future

[LFC_Bitcoin]

What is the problem for Chinese people to has control of the most hashpower of bitcoin netwokr?. This is completly racist and Hearn is a jerk to say that.

Hearn is just embarrassed & hurt that not enough people wanted to sign up to his altcoin fork bull shit.
He's lashing out & blaming everything & anybody he can.

[mayax]

If chinese companies are investing in bitcoin
then bitcoin has a very profitable and prosperous future

the chineses see BTC as an opportunity to make quick money. they don't give a shit on a "prosperous future". they want fast profit and then...they will be out.

[Biomech]

If chinese companies are investing in bitcoin
then bitcoin has a very profitable and prosperous future

the chineses see BTC as an opportunity to make quick money. they don't give a shit on a "prosperous future". they want fast profit and then...they will be out.

You say this of a culture that thinks in terms of generations. Methinks you might want to learn more about the people you are lambasting.

[Cconvert2G36]

Don't worry... The "socioeconomic majority" is standing-by to get the chiners back in line if they don't know what is best for them... capiche???

*nipple rubbing intensifies*

Isn't it reeeeeally not faaaaaair that nobody can DDOS Bitcoin, but _Classic is going to be nuked with state-backed (La Serenissima) agency levels of IP fury?

How terrrrrrible that anyone stupid enough to attack Bitcoin and risk $5 billion of other people's money in catastrophic consensus failure will be obliterated.  UDP is permissionless?  Aaaaawwwee, tough luck little fellah.

Coinbase is built to withstand 100Gb/s DDOS?  That's cute.  MP is probably building a Starkiller Base capable of hitting all attacking nodes, Coinbase, and the rest of the Blockchain Alliance with 500Gb/s for weeks.

When Coinbase's ISP/CDN/COLO get turned into smoking, glowing craters and Brian is told to find other providers to paint a giant target on, that's going to entail a lot of downtime.

If you understand Bitcoin at all, you understand it necessarily confers all possible advantages to its defenders, and all possible disadvantages to attackers.  EG:

How many dollars and customers does Coinbase lose every minute it's down?  How much reputation and potential business does it lose with every "Coinbase blasted off the internet!" story in the press and electronic media?

I don't know, but I'm sure it's much more than Coinbase's investors want to lose in a futile, aggressive war of choice.

[SuperCoinGuy]

The Chinese miners invested too much to change their priorities right now otherwise they will just lose money.

[iCEBREAKER]

Don't worry... The "socioeconomic majority" is standing-by to get the chiners back in line if they don't know what is best for them... capiche???

*nipple rubbing intensifies*

Isn't it reeeeeally not faaaaaair that nobody can DDOS Bitcoin, but _Classic is going to be nuked with state-backed (La Serenissima) agency levels of IP fury?

How terrrrrrible that anyone stupid enough to attack Bitcoin and risk $5 billion of other people's money in catastrophic consensus failure will be obliterated.  UDP is permissionless?  Aaaaawwwee, tough luck little fellah.

Coinbase is built to withstand 100Gb/s DDOS?  That's cute.  MP is probably building a Starkiller Base capable of hitting all attacking nodes, Coinbase, and the rest of the Blockchain Alliance with 500Gb/s for weeks.

When Coinbase's ISP/CDN/COLO get turned into smoking, glowing craters and Brian is told to find other providers to paint a giant target on, that's going to entail a lot of downtime.

If you understand Bitcoin at all, you understand it necessarily confers all possible advantages to its defenders, and all possible disadvantages to attackers.  EG:

How many dollars and customers does Coinbase lose every minute it's down?  How much reputation and potential business does it lose with every "Coinbase blasted off the internet!" story in the press and electronic media?

I don't know, but I'm sure it's much more than Coinbase's investors want to lose in a futile, aggressive war of choice.

That's right, all Toominista IPs are without regard to race/creed/nationality going to be DDOS'ed into subatomic particles.  UDP is blessedly colorblind.

And if you recall, Hearn is the asshat that proposed "Chinese Bitcoin" when f2pool objected to 20MB Gavinblocks.

Don't even try to pin Hearn@gnome.zurich.ch's Yellow Peril Sinophobe nonsense on Team Core and the small block militia.  That dog won't hunt.

[chennuan]

I am a Chinese, but I don't want to see China hold more hashrate.

I think this is not conducive to bitcoin